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Tantalex Lithium Resources Announces Execution of Loan Agreements and Issuance of Convertible Debentures
Toronto, Ontario – TheNewswire - July 8, 2022 – Tantalex Lithium Resources Corp. (CSE:TTX) – (CNSX:TTX.CN) – (FSE:1T0) (“Tantalex” or the “Corporation”), is ple
About this update from Tantalex Lithium Resources Corp
[{"type":"text","content":"Toronto, Ontario – TheNewswire - July 8, 2022 – Tantalex Lithium Resources Corp. (CSE:TTX) – (CNSX:TTX.CN) – (FSE:1T0) (“Tantalex” or the “Corporation”), is pleased to announce that it has entered into two loan agreements effective June 30, 2022 and has issued a convertible debenture effective July 8, 2022. Loan agreement – AfriMet Resources AG Tantalex has entered into a loan agreement with AfriMet Resources AG (“AfriMet”), a corporation incorporated under the laws of Switzerland and involved in metals and minerals commodity trading specialising in Africa-sourced products including tin, tantalum and lithium. Pursuant to this loan agreement (“Loan #1”) AfriMet made available a loan facility of USD$7,213,006.56 for the purpose of financing of mining equipment for the Lubule Tin & Tantalum Alluvial Project. Loan #1 shall carry interest at a rate of 10% per annum that are payable on March 31, June 30, September 30 and December 31 of each year. Tantalex must repay this Loan #1 on the date falling 18 months from the commencement of the commercial mining and minerals processing operations at the Lubule Tin & Tantalum Project or by December 31, 2024, whichever is earlier. Loan agreement – Trade Cloud Services PTE LTD. Tantalex has also entered into a loan agreement with Trade Cloud Services PTE LTD. (“Trade Cloud”) incorporated under the laws of Singapore and specialized in cloud-based commodities platform for minerals and metals physical markets. Pursuant to this loan agreement (“Loan #2”), Trade Cloud has agreed to make available this loan for an amount of up to USD$3,000,000 for the purpose of completing the financing for Tantalex Lithium’s Lubule plant to produce tin and tantalum concentrates. Loan #2 shall carry interest at a rate of 10% per annum for the first 12 months and an additional annual rate of five per cent (5%) shall be applied to bring the interest rate to fifteen percent (15%) per annum for any days in delay in the repayment. Trade Cloud shall pay the amount of USD$1,000,000 upon the Corporation evidencing the receipt of licensing on the Lubule Tin & Tantalum Alluvial Project (the “First Drawdown”). An additional USD$1,000,000 will be paid thirty (30) days of the First Drawdown and another USD$1,000,000 as well sixty (60) days of the First Drawdown. Tantalex must repay this Loan #2 at the latest twel...